Cypriot Economy to Contract Until 2015 After Bailout

Wednesday, 10 Apr 2013 12:57 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Cyprus's economy is expected to contract 8.7 percent this year following the EU-IMF bailout designed to put the country back on a stable financial footing, documents seen by Reuters show.

The analysis from the EU and IMF shows that the economy will go on contracting through 2014, returning to marginal growth of 1.1 percent in 2015. At the same time, debt as a proportion of GDP will peak at 126 percent, before falling to 104 percent in 2020, the debt sustainability report shows.

The analysis, which underpins a 10 billion euro bailout from the euro zone and the International Monetary Fund, forecasts the budget deficit to be 6.0 percent of GDP this year, 7.9 percent next year, 5.7 percent in 2015 and 2.5 percent in 2016.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved